Educating small business owners on trends in equipment financing and business borrowing . Ideas on how to get better terms by improving both business and personal credit . Insights on what commercial lenders look for when reviewing applications for equipment leases, loans, and lines of credit.
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Sunday, September 14, 2014
Improving Your Financing Chances - http://www.palletenterprise.com/view_article.asp?articleID=4222
Companies should also check their Dun & Bradstreet (D&B) report. D&B compiles credit data on businesses from public records, vendor payment information and financial reports and uses it to produce reports that evaluate a company’s creditworthiness. It is essentially a company’s credit score.
If your personal credit does not look very good, take steps to improve it before applying for a business loan. You can do this by paying bills on time, paying off credit card balances every month, getting rid of outstanding debt and not applying for more credit too often. This will take time, so if you know you may need financing in the future start preparing now.
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Great information! I am excited to start my new business. I will do whatever it takes to get it started. I am planning on getting some financial help to purchase my equipment. I am so excited to get my equipment and start making me some money! http://www.westarfin.com/en/heavy_equipment.html
ReplyDeleteI know that the better credit you may get, the better the loan will be. On a business level it would be the same I would assume. Does the credit play into equipment financing as well? I would think that it would just because it is kind of like a car. You need to have good credit to qualify for the vehicle you want. http://www.solution7incorporated.com/
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